Halloween is on the way and buyers are stalking eBay listings looking to add to their collection of creepy collectibles and dark décor. Whether you are selling your great aunts’ shape shifting teddy bear or a pair of cool kicks there is money to be made. The difficulty lies in determining how much buyers are willing to pay and if repricing is necessary to boost your sales. Much like the “dollar dilemma”, the decision to match your competitors pricing is dependent on your business needs and customer demand.
Now that eBay is offering a Price Match Guarantee, buyers can snatch up an item they find on Amazon, Wayfair, and other merchandisers for a lower price. The offer applies to items listed on the eBay Deals page and has to be identical and currently in stock. Although helpful, the price-matching guarantee is limited, leaving vendors to decide how to match or outprice their competitors.
If a buyer requests a price match or finds a listed item for a lower price and wants a price match, the first step is to research the item. Check out current and closed listings to find optimal pricing. What people are willing to pay is a good indicator of how much an item is worth. Also be aware of competing sellers’ ranks and the condition of their items. If, for example, you are selling a never-used set of bat Halloween lights you don’t want to match the price of a used set of lights. Not only does this make buyers suspicious about the quality of your items but it also encourages other sellers to match your price or drop their prices creating a race to the bottom. Do not compete with sellers who have low rankings with vague listings. Customers want to know that they are doing a deal with a merchant that is honest and can provide excellent service. Quantity is also an important issue to consider. Selling multiple items as a set for the same price as one item can make buyers question the quality of the items.
Most sellers notice the difference in international pricing. eBay community members have expressed their concern about price matching against sellers in China and listings based out of Hong Kong. Lower costs and higher output in Chinese manufacturing allows sellers in places like Hong Kong to list items for rock bottom prices. Trying to price match them is a means to losing profit. Shipping from China takes longer than shipping from within your country and returns or repairs are extremely difficult. Use this edge to convince buyers to pay a few dollars more for your listings.
An efficient and advisable way to ensure you are pricing intelligently is to use an eBay repricing program such as StreetPricer. Repricing software searches for your listing’s GTIN (Global Item Trade Number) and searches keywords to find competitors selling the same items. Set your Floor and Ceiling prices and let the program scan eBay for competitors. Once it locates your competitors you can sign in and customize your competitor list. Doing this saves you time and limits repricing mishaps.
